The US economy is showing resilience as jobless claims hit their lowest levels since February. Consumers have shown they are willing to spend more money on travel and experiences in the post-COVID era. However, looming challenges include the resumption of student loan repayments in October and the overall depletion of excess savings among US households.
Saudi Arabia and Russia's agreement to extend oil production cuts have reportedly pushed Brent(BZ=F) and West Texas Crude(CL=F) prices to their highest levels since November. Elevated oil prices, now reaching $90 a barrel, could disrupt the Federal Reserve's efforts to control inflation.
Lastly, China's expansion of it's ban on iPhone usage by government officials and enterprises, caused a significant drop in Apple(APPL) shares this week. Semiconductor companies like Qualcomm(QCOM) and NVIDIA(NVDA) have started to experience decline in their shares as a result.
Yahoo Finance's Julie Hyman and Brad Smith break down the top takeaways of the week.
